OPEC and its allies reduced oil output in August as a drop in Iranian supply due to USA sanctions derailed their attempts to raise production to agreed levels, delegates said on Saturday as the energy producers prepared to hold talks in Algiers.
Iran, OPEC's third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to USA pressure.
Oil is maintaining strong bullish momentum, with daily MA's in full bullish configuration, supporting the advance.
"We will consider waivers where appropriate but it is our expectation that the purchases of Iranian crude oil will go to zero from every country or sanctions will be imposed", Pompeo said earlier this month.
Interested in Oil technicals? Saudi Arabia's oil minister Khalid al Falih said that "I can not speak to prices because I do not directly influence prices". Supplies are also forecast to grow from other producers outside the bloc including Canada, Kazakhstan and Brazil, which will collectively add another 2.6 MMbpd to markets by 2023.
"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year".
At $80.94 per barrel, oil prices have jumped to a four-year high today after OPEC declined to announce an immediate increase in production despite calls by US President Donald Trump for action to raise global supply.
Going into its week-end meeting in Algeria on Sunday, reports surfaced that said members would be discussing a 500,000 barrel increase.
"It is crucial that we continue to predict and anticipate changes in the balance of supply and demand and take proactive measures to avoid a situation that would make the consumer nervous and anxious", said the saudi minister Khaled al-Falih, who chairs the ministerial monitoring committee of the agreement (JMMC).
According to analysts from Energy Aspects, the meeting on Sunday could lead to an increase in production, "but the market starts to ask where could well come in these barrels".
In a speech during the meeting, Algerian Energy Minister Mustapha Qaitouni emphasised the importance of working to find ways and means to ensure the sustainability of cooperation and dialogue not only between OPEC member countries and non-member countries but also between producing and consuming countries.
"We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels", said Edward Bell, commodity analyst at Emirates NBD bank.
"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters on Sunday.
This, Kazempour Ardebili emphasized, would make U.S. threats against Iran's oil exports - that he said stood at around 2.3 million barrels per day (m/bpd) - already impossible.
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